Business Regulatory Framework solved MCQs

1 of 4

1. The Indian Contract Act came into force on:

a. 15th September, 1872

B. 1st September, 1872

c. 1st October, 1872

d. 15th October, 1872.

2. The Indian Contract Act, applies to the:

a. Whole of India excluding Jammu & Kashmir

B. Whole of India including Jammu & Kashmir

c. States notified by the Central Government from time to time

d. None of the above.

3. An agreement consists of reciprocal promises between at least

a. four parties.

B. six parties.

c. three parties.

d. two parties.

4. Every promise and every set of promise forming the consideration foreach other is a/an

a. contract.

B. agreement.

c. offer.

d. acceptance.

5. Contract is defined as an agreement enforceable by law, vide Section … of the Indian Contract Act.

a. Section 2(e)

B. Section 2(f)

c. Section 2(h)

d. Section 2(i)

6. Valid contracts

a. are made by free consent.

B. are made by competent parties.

c. have lawful consideration and lawful object.

d. all of the above.

7. A contract creates

a. rights and obligations of the parties to it.

B. obligations of the parties to it.

c. mutual understanding between the parties to it.

d. mutual lawful rights and obligations of the parties to it.

8. In agreements of a purely domestic nature, the intention of the parties to create legal relationship is

a. to be proved to the satisfaction of the court.

B. presumed to exist.

c. required to the extent of consideration.

d. not relevant at all.

9. ………………. is forbidden by law.

a. Valid contract

B. Illegal agreement

c. Voidable contract

d. Unenforceable contract

10. A makes a contract with B to beat his business competitor. This is an example of

a. valid contract.

B. illegal agreement.

c. voidable contract.

d. unenforceable contract.

11. Which of the following legal statement is incorrect?

a. An agreement enforceable by law is a contract [Section 2]

B. All agreements are contracts [Section 10]

c. A proposal when accepted becomes a promise [Section 2]

d. Every promise and every set of promise forming the consideration for each other is an agreement [Section 2(e)]

12. ……………… is made by words written.

a. Express contract

B. Implied contract

c. Tacit contract

d. Unlawful contract

13. Agreement the meaning of which is uncertain is

a. Void

B. Valid

c. Voidable

d. Illegal

14. Which of the following relationship raise presumption of positiveinfluence?

a. Parent and Child

B. Religious/ Spiritual Guru and disciple

c. Guardian and Ward

d. All of the above

15. Which of the following is false with respect to minor entering a contract?

a. An agreement with or by a minor is void ab initio

B. A minor can be a beneficiary of a contract

c. The contracts involving a minor as a beneficiary may be enforced at the option of the third party

d. A minor cannot ratify a contract on attaining majority

16. Drawing cash from ATM, sale by fall of hammer at an auction sale, etc., are example of

a. express contract.

B. implied contract.

c. tacit contract.

d. unlawful contract.

17. …………….. is a one-sided contract in which only one party has to perform his promise or obligation.

a. Void contract

B. Illegal agreement

c. Unilateral contract

d. Bilateral contract

18. All Contract is a/an ……………..

a. Offer

B. Agreement

c. Acceptance

d. Tr

19. A/an …………… is every Promise and every set of promises, forming consideration for each other

a. Offer

B. Agreement

c. Acceptance

d. Tr

20. Every agreement and promise enforceable by law is …………….

a. Offer

B. Contract

c. Acceptance

d. Consideration

21. “A Contract is an agreement creating and defining obligations between the parties” the definition was put forwarded by

a. Dr. Ambedkar

B. Pollock

c. Salmonds

d. N.D.Kapoor

22. The Law of Contract is nothing but ...............

a. A Child of Commercial dealing

B. A Child of Religion

c. A Child of day to day Politics

d. A Child of Economics.

23. To form a valid contract, there should be atleast .............

a. Two parties

B. Three parties

c. Four parties

d. Five parties.

24. Contractual rights and duties are created by ...............

a. State

B. Statute

c. Parties

d. Custom or Usage.

25. Agreement is defined by the section ............... of the Indian Contract Act, 1872.

a. Section 2(c)

B. Section 2(e)

c. Section 2(g)

d. Section 2(i)

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